Michael Jackson's Neverland Ranch has been put up for sale by a private investment firm.

The firm bought the property in 2008 for #23.5 billion when Jackson was in debt.

The King of Pop's family is disappointed by the sale and hope that new owners will respect the history of the property.

"We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell," said spokesman for the singer's estate.

"The estate will maintain Michael's family home in Encino, including its iconic recording studio there."

In its entirety the property, which has been empty for years, stretches 2,800 acres and is 130 miles north of Los Angeles.